updated 05:25 pm EDT, Thu October 11, 2007
AAPL down nearly 3%
Shares of Apple Inc. today fell 4.5 points (or 2.73%) after a sharp spike brought the company above $170 this morning. Apple shares plummeted in spite of an increase in anticipated earnings this quarter projected by well-known research firm Goldman Sachs, which raised its price target from $165 to $190 based on "across the board strength" in Macs. Goldman analyst David Bailey says Apple's thriving Mac business should bolster revenue as well as gross margin and earnings above Wall Street estimates for the company's fiscal fourth quarter -- which the company says will discuss via a conference call on October 22nd. [updated]
Apple shares cracked the $170 mark this morning after Goldman's upgrade reached the ears of investors, but later tumbled as investors cashed in on the company's lofty gains. MarketWatch attributes the selloff to profit-taking on stocks that have seen recent gains, which include Apple as well as Google and VMware, among others.